December 31st 2022, The Burj Khalifa is lit up and counting down to midnight. You are toasting your love, and looking forward to a great year.
You check your Staker App.
$5,423,209
And that’s not even the largest number, you have seen during the course of the year.
I did two polls on twitter,
The first, was a hypothetical. You were 80 years old. And I asked at what age, would you pay yourself a Million dollars. The leading answer was 28–40.
The other poll was, at what price of $Hex would make you a Millionaire.
As the polls ran, I thought about these questions, as I did my daily walks (amongst, my many other musings)
And realised the first poll, was a trick Question. Not my intention at all!
Because, the actual answer IS… You should never pay yourself a Million dollars. (Even more so now, in a low interest, financial environment)
At this, point you might be thinking “Balla Ji, get your head checked!”
But if you polled a few millionaires, how much Cash they kept in their wallet. I would wager the average answer, would be around $500-$1k. Any more is a personal security risk.
Extend it to their checking & savings account.. I would guess $25-50k.
Generally, a wealthy investor back in the day, would have their “money” in bonds, certificates of deposit, commercial paper and other highly liquid instruments. They can write checks out of the account, which has $0 in it. And the bank does the accounting by selling off those assets, to cover the check.
They also have Credit Cards with high limits, for lavish shopping sprees & trips to Dubai.
We are now are moving into a #DeFi world. The rules of finance and money are changing rapidly.
When you become a Millionaire through Hex. Take what you need, treat you and loved ones. But don't Sell your T shares down to a small amount!
Maybe profit taking in $Eth and $Dai should be the way to go.. to be honest, I don’t really know at this point. Being a Liquidity provider could well provide another pathway. Of course holding Liquid Hex, and a rolling monthly Stake could be another option. And deserves a deeper discussion.
I hope this, may trigger you guys to seek out the advice of someone wealthy, you may know. Or actually consult with a real financial advisor (even a Banker!) so that you can hold onto your new found status, when it comes! And keep growing your Money. With the flexibility and peace of mind of having access to your Wealth, when you need it.
Peace & Prosperity
Balla Ji
